Tax Justice Network: And the losers are . . . The results of the 2009 Financial Secrecy Index Finally, the time has come to reveal the names of the secrecy jurisdictions that we have ranked according to both their lack of transparency and their scale of cross-border financial activity. For the first time ever, and based on far stronger criteria than those used by the OECD, we can now announce the world’s leading secrecy jurisdictions. Nothing like this has ever been done before. Our new index assesses each jurisdiction on an opacity rating – how secretive the jurisdiction is – combined with a weighting according to size. And here we go . . .Counting down from number 5, we have, at number 5, the City of London in the United Kingdom, the world's largest financial centre, and the state within a state that sits like a spider at the centre of a web that includes exactly one half of all 60 secrecy jurisdictions ranked on the Index. Few will be surprised to see Switzerland coming in at third position. The also rans . . . #12 Austria
Tax havens are not fair and only benefit global elites By Daniel Tsai Tues., Nov. 14, 2017 When it costs as much as $1,200 an hour to hire a top tax lawyer in Canada for offshore tax planning, tax havens have long been a tool of wealthy elites and corporations and not normal tax planning for ordinary citizens who clearly can’t afford such fees. These global elites take advantage of tax havens that, as sovereign countries, can do whatever they want with their taxation laws, including charging little or no taxes, and allowing favourable banking secrecy laws and solicitor client privilege, to hide wealth and income. Tax havens, given their small size and distant and exotic locales, have little to no local economy of their own, except to handsomely profit off the legal and financial service industries that set up tax avoidance structures. These jurisdictions have no incentive to ensure that extremely wealthy Canadians, or other global elites, pay their fair share of domestic taxes.
Political change and democracy in China - La vie des idées Wang Shaoguang is a chair professor and chairperson in the Department of Government and Public Administration, a Changjiang [1] Professor in the School of Public Policy and Management at Tsinghua University in Beijing, a non-official member of the Commission on Strategic Development of the Hong Kong Special Administrative Region, and the chief editor of The China Review, an interdisciplinary journal on greater China. He belongs to the first promotion of students to enter University after the Cultural Revolution in 1977. He first studied in the Law department at Beijing University. He later obtained his PhD in Political Science at Cornell University (Ithaca, New York) in 1990. He then taught politics at Yale University (New Haven, Connecticut) from 1990 to 2000 before settling in Hong Kong. Wang belongs to an informal intellectual grouping labelled the New Left (xin zuopai). Wang is also currently working on the publication of a series of books on “State democratic re-building”. Text Video
Category:Offshore finance From Wikipedia, the free encyclopedia Jump to navigationJump to search The offshore finance industry refers to the use of structures in offshore financial centres in connection with financing transactions. Subcategories This category has the following 6 subcategories, out of 6 total. Pages in category "Offshore finance" The following 69 pages are in this category, out of 69 total. Mesure non conventionnelles de politique monétaire Supply chains and financial shocks | vox - Research-based policy How do firm linkages transmit shocks? This column discusses the real and financial transmission mechanisms in the supply chain and financial system that can create troublesome cascades. It applies its logic to the Asia Pacific production chain. The most recent phase of globalisation was characterised by the geographical fragmentation of the production processes within networks of firms. The disruptive potential of a failure in the international supply chain became larger with time; trade in manufactures represented a quarter of the world industrial output in 2000, this proportion doubled after only five years. The role of supply chains in amplifying the impact of the business cycle on trade is not only caused by a mechanical "multiplier effect", when firms adapt production plans to the anticipated demand. The second building block of the model is the creation and destruction of endogenous money through the monetary circuit. Table 1.
De la bulle à la dépression : l'analyse de Vernon Smith, Prix No Ces caractéristiques essentielles des marchés du logement – les opérations sur le momentum, la liquidité, le compartimentage de la cote, et les achats à fort endettement – se combinent pour offrir une description assez complète et assez simple du dégonflement de la bulle du logement, et comment celui-ci a saisi le système financier et l'ensemble de l’économie. Rien qu’au cours des 40 dernières années, il s’est produit deux autres bulles immobilières, avec des maximums en 1979 et 1989, mais la plus grande de l'histoire américaine a commencé en 1997, probablement déclenchée par la hausse du revenu des ménages qui a débuté en 1992, en plus de l'élimination en 1997 de l’impôt sur les plus-values sur le logement personnel à concurrence de 500,000 dollars. La hausse des valeurs sur un marché d’actifs attire l'attention des investisseurs ; les premières phases de la bulle immobilière ont présenté cette caractéristique amplificatrice habituelle. C’est en 2006 que la baisse des prix a commencé. M.
Steven Gjerstad and Vernon Smith Explain Why the Housing Crash R Fallait-il vraiment assouplir les règles comptables ? | Telos - Lors de sa réunion du 2 avril dernier, le Financial Accounting Standards Board (FASB, organisme qui établit les normes comptables aux Etats-Unis) a une fois encore assoupli les règles de la valorisation des actifs sur la base de leur valeur de marché (mark-to-market). Cette décision a suivi une réunion de la Commission parlementaire, le Financial Services Committee du Congrès américain (HFSC), dont on peut se demander si ce n’est pas une filiale à 100% de l’American Bankers Association : le 12 mars, le HFSC demandait au FASB de réviser sa doctrine sur la juste valeur dans les marchés inactifs, l'avertissant que s’il ne se montrait pas suffisamment accommodant, le Congrès légiférerait et accorderait aux banques zombies ce qu’elles demandent. Tout cela va-t-il dans le bon sens ? Résolument, non. Explications. Le FASB s’est couché, et ce n’est pas la première fois. Cet argument n’a pas de sens. Et ce n’est pas tout. © Telos.
Financial turbulence and early crisis detection | vox - Research The international community has called for the IMF to deepen its work on systemic risks and early warning signals. While there are currently many different research strands, this short column empirically examines the role that global market conditions play in detecting systemic risk. We adopt regime-switching models using variables that proxy for global market conditions – Chicago Board Options Exchange Volatility Index (VIX), TED spread (the difference between LIBOR and Treasuries), and US dollar-euro foreign exchange swap rate. For instance, the Lehman Brothers collapse on 15 September 2008 was a watershed event that rapidly spilled over to emerging market countries, sharply increasing uncertainty across asset markets, a scramble for US dollars with the breakdown of the carry trade, and the need for financial institutions to refinance their US dollar positions. The flight to quality was also accompanied by a flight to liquidity.
ANALYSE : Pourquoi l'émirat de Dubaï affole la planète finance, Conjoncture : La folie des grandeurs d'un émirat bât Le rêve était trop beau pour durer. Après dix ans de boom économique, Dubaï s'enfonce dans les sables mouvants de la crise. Déjà secoué, en fin d'année dernière, par la récession mondiale, le petit émirat semblait se remettre, peu à peu, du choc. Mais c'était sans compter sur le second, cette fois-ci plus fatal : celui de l'annonce, mercredi 25 novembre, du rééchelonnement de la dette de deux de ses principaux groupes, le géant Dubai World et sa filiale immobilière Nakheel. Coïncidence ou volonté d'éviter la panique ? Spéculation à tout va Autant de projets à l'image des ambitions d'un homme visionnaire, Cheikh Zayed, ex-président de la fédération des Émirats arabes unis (décédé en 2004), qui misa, dès les années 1970, sur trois piliers : le tourisme, le commerce international et l'immobilier. Au cours de ces derniers mois, des dizaines de gros projets ont été reportés sine die. La famille régnante tremble en cachette.